The Boston Red Sox made a splash in the free agent market Tuesday, setting the bar high for the remaining pitchers on the market.

According to multiple media reports and first reported by the Boston Globe, the Red Sox agreed Tuesday to a 7-year, $217 million contract with top free agent left-handed pitcher David Price, who split last season between Detroit and Toronto.

The contract is the largest ever awarded to a pitcher, and equal in annual value only to slugger Miguel Cabrera’s contract with Detroit. The deal tops the seven-year, $215 million contract given to Clayton Kershaw of the Dodgers before the 2014 season.

Price’s contract includes an opt-out clause after three seasons, according to ESPN and Fox Sports.

Price was 18-5 last season and he led the American League with a 2.45 ERA. He struck out 225 batters in 220 1/3 innings and finished second in the American League Cy Young voting.

Many observers thought Boston lacked a true ace last season after parting ways with lefty Jon Lester, now with the Chicago Cubs. Price joins a Boston rotation that includes potential starters Clay Buchholz, Rick Porcello, Wade Miley, Joe Kelly, Eduardo Rodriguez and Henry Owens.

Red Sox president Dave Dombrowski is very familiar with Price — and with transactions involving the prized pitcher.

In 2014, then the general manager in Detroit, Dombrowski acquired Price from the Tampa Bay Rays at midseason. A year later, this past summer, Dombrowski flipped Price to Toronto for prospects in his final major deal as a member of the Tigers’ organization. In August, Dombrowski joined the Red Sox.

In eight years in the majors, all in the American League, Price has been an All-Star five times and won the Cy Young Award with Tampa Bay in 2012. He is 104-56 lifetime with a 3.09 ERA.